Wed, Aug 21, 3:11 PM (107 days ago)
For the quarter ending June 30, 2024, Samsara Luggage, Inc. reported significant changes in financial performance following its strategic shift towards emergency response technologies. Total revenue surged to $929K, up from $101K in Q2 2023, driven by recent acquisitions. However, the company posted a net loss of $284K compared to a profit of $49K in the same quarter last year, reflecting increased operational costs associated with the transition. Operating expenses rose sharply to $584K from $238K, primarily due to the integration of new business operations. Gross profit for the quarter was $309K, yielding a margin of approximately 33.26%. The balance sheet showed total assets of $13,736K, with current liabilities of $5,258K, indicating a working capital deficit of $1,279K. Cash flow from operations improved slightly to $88K, but substantial cash was used in investing activities ($9,783K) for acquisitions. The company continues to rely on financing through share issuances and convertible notes to support operations, raising concerns about its ability to sustain operations without additional funding. The management emphasizes the need for strategic execution to enhance financial stability moving forward.